(Ecofin Agency) - The World Bank earmarked $1.32 billion for three development projects in Angola, Macauhub reported this week. Monies will be used for a social protection program, a budget support, and a water & energy scheme.
The welfare protection project will get about $320 million. It is the government’s strategy to cushion the impact of short-term price adjustments for goods and services such as electricity, water and fuel on consumers' purchasing power.
Nearly $500 million will be granted in the form of budget aid to support the country's ongoing economic reforms. These will help to make the process of national economic adjustment and transformation sustainable, while protecting the most vulnerable people.
Finally, nearly $500 million will also be allocated to the Bita project, which aims to improve the operational and economic performance of the energy and water sector. This will increase access to clean water for households and businesses in some high-density population areas in south of Luanda, the country's capital.
The new financing brings the World Bank's portfolio of projects in Angola to $2.52 billion.
Moutiou Adjibi Nourou